First major reviews in more than a decade
Alberta and British Columbia will collaborate on a comprehensive review of pension standards to ensure pension plans continue to benefit workers, employers and investors.
A six-member panel will review Alberta’s Employment Pension Plans Act and B.C.’s Pension Benefits Standards Act. The joint review is the first of its kind since the respective acts came into force 20 years ago in Alberta and 15 years ago in B.C.
"To attract and retain workers, as well as business, we must ensure that Albertans and British Columbians are confident about their pension plans," said Alberta Finance Minister Lyle Oberg.
The panel will consult with stakeholders and present its findings and recommendations by Sept. 30, 2008. Key issues to be examined include: the role of pensions in attracting and retaining the future workforce while ensuring fairness for employees and employers; encouraging the establishment and maintenance of employee pension plans; and removing barriers to the creation and maintenance of pension plans.
B.C. will also introduce temporary measures to address pension plan funding concerns. The measures will be similar to those recently adopted or proposed by Alberta and include a three-year moratorium on solvency payments for qualifying multi-employer negotiated-cost pension plans and the ability to use letters of credit to fund solvency deficiencies.
Sarah Dobson is editor of Canadian Compensation & Benefits Reporter, a sister publication to Canadian HR Reporter. For more information, visit www.hrreporter.com/ccbr.
A six-member panel will review Alberta’s Employment Pension Plans Act and B.C.’s Pension Benefits Standards Act. The joint review is the first of its kind since the respective acts came into force 20 years ago in Alberta and 15 years ago in B.C.
"To attract and retain workers, as well as business, we must ensure that Albertans and British Columbians are confident about their pension plans," said Alberta Finance Minister Lyle Oberg.
The panel will consult with stakeholders and present its findings and recommendations by Sept. 30, 2008. Key issues to be examined include: the role of pensions in attracting and retaining the future workforce while ensuring fairness for employees and employers; encouraging the establishment and maintenance of employee pension plans; and removing barriers to the creation and maintenance of pension plans.
B.C. will also introduce temporary measures to address pension plan funding concerns. The measures will be similar to those recently adopted or proposed by Alberta and include a three-year moratorium on solvency payments for qualifying multi-employer negotiated-cost pension plans and the ability to use letters of credit to fund solvency deficiencies.
Sarah Dobson is editor of Canadian Compensation & Benefits Reporter, a sister publication to Canadian HR Reporter. For more information, visit www.hrreporter.com/ccbr.
